Asian Equities See Outflows The Past Week, Led By Tech Stocks

• South Korean equities experienced inflows of $335m yesterday. Over the past 5 trading sessions, the net inflow totaled $114m while local markets have been slightly lower over that period, the Kospi still holds above all major EMAs, and just off cycle highs, while the Kosdaq have significantly underperformed recently. The 5-day average inflow of $23m, which is lower than the 20-day average of $122m and the longer-term 100-day average of $148m. Year-to-date, South Korean equities have seen a substantial inflow of $17b.
• Taiwanese equities saw outflows of $690m yesterday with the past 5 trading sessions netting a total outflow of $3.1b. The Taiex is almost 3% lower over the past week, as TSMC accounts for over 60% of the moves in the Taiex and traded off 2.14% over the past week. The 5-day average outflow of $622m contrasts with the 20-day average outflow of $64m and the 100-day average inflow of $37m. Year-to-date, Taiwan has accumulated a total inflow of $4b.
• Indian equities attracted inflows of $181m on Wednesday, contributing to a 5-day total inflow of $944m. The Nifty 50 continues to makes new all time highs and is up 2.12% over the past 5 trading sessions. The 5-day average inflow of $189m is higher than the 20-day average of $80m. Despite this, the 100-day average shows a slight outflow of $22m. Year-to-date, India has seen outflows amounting to $766m.
• Indonesian equities experienced outflows of $328m yesterday, the largest since August 2023 which followed the largest inflow since April 2022. Over the past 5 trading days, Indonesia recorded a total net inflow of $156m. The JCI has bounced off ytd lows of 6,700 and is up 2.20% over the past 5 trading sessions. The 5-day average inflow of $41m is a marked improvement compared to the 20-day average outflow of $8m and the 100-day average outflow of $7m. Year-to-date, Indonesia has experienced outflows totaling $321m.
• Thai equities had outflows of $65m yesterday, bringing the 5-day total to a net outflow of $210m and we have now marked 26 straight days of net selling. The Thai SET tested the 20-day EMA however was unable to close above it, support is now at 1,300. The 5-day average outflow of $42m is close to the 20-day average of $51m and higher than the 100-day average outflow of $24m. Year-to-date, Thailand has seen significant outflows amounting to $3.16.
• Malaysian equities recorded inflows of $4m on Wednesday, ending a run of 7 straight session of outflows. The past 5 trading days have seen a total net outflow of $98m. The 5-day average outflow of $20m is higher than the 20-day average outflow of $11m and the 100-day average outflow of $3m. Year-to-date, Malaysia has experienced outflows totaling $144m.
• Philippine equities saw outflows of $2m yesterday, although the PSEi was 1.23% higher, we now trade just on the 20-day EMA. Over the past 5 trading days, the total outflow was $29m. The 5-day average outflow of $6m is less than the 20-day average outflow of $11m but higher than the 100-day average outflow of $6m. Year-to-date, the Philippines has seen outflows totaling $534m.

Table 1: EM Asia Equity Flows